Paragraph on “The First Banks” complete paragraph for Class 9, Class 10, Class 11 and Class 12

The First Banks

Banks were originally meant to perform the services of accepting deposits from people and lending money on interest and they began in ancient Greece, Babylon and Egypt. In those days the deposits were made in the temples and it was much later, around 200 B.C., that the Romans passed laws which made banks and money changers official. The Italian money , changer’s carried out their business from benches on the streets and the name bank is derived from the Italian word ‘banco’ which means bench. The first official bank was . , established in 1587 in Venice and was called `Banco di Rialto’, this bank not only accepted deposits but also allowed people to write cheques and issue them. These were followed by banks in Amsterdam in 1609, banks were also started by the English goldsmiths, the Bank of England which was incorporated in 1694 and in 1782 the Bank of North America. Banks are today an invaluable part of our daily lives and business and they perform a host of services.